We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Occidental Petroleum Corporation (OXY - Free Report) reported third-quarter 2018 earnings of $1.77 per share, surpassing the Zacks Consensus Estimate of $1.51 by 17.2%. In the year-ago quarter, the company’s bottom line came in at 18 cents per share.
Total Revenues
Occidental Petroleum's total revenues were $6,176 million, beating the Zacks Consensus Estimate of $4,661 million by 32.5%. Also, the top line soared 72.1% year over year from $3,588 million.
This year-over-year improvement in total revenues was owing to an increased production from Permian Resources, which surged 60% year over year coupled with revenue growth from Midstream & Marketing segment.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum’s average daily net oil, liquids and gas production volume expanded to 681,000 barrels of oil equivalent per day (boe/d), up from 600,000 boe/d in the prior-year quarter. This improvement in the production volume was backed by higher drilling activity and a solid output in the Permian Resources region.
Occidental Petroleum’s production in the third quarter was within the company’s guidance of 665,000-687,000 boe/d. Also, Permian Resource’s production of 225,000 boe/d was at the upper end of the projection of 215,000-225,000 boe/d, provided by the company.
In the quarter under review, total sales volume was 696,000 boe/d compared with 600,000 boe/d recorded in the year-ago period.
Realized Prices
Realized prices for crude oil in the third quarter rose 35.7% year over year to $62.67 per barrel worldwide.
Worldwide realized NGL prices increased 42.6% to $29.55 per barrel.
However, worldwide natural gas prices were down 9.3% to $1.62 per thousand cubic feet.
Highlights of the Release
Pre-tax income from its Chemical Segment in the third quarter was $321 million, up 60.5% year over year and above the view of $315 million.
Midstream and Marketing segment’s adjusted pre-tax income was $796 million, up from the year-over-year figure of $4 million. This uptick was courtesy of higher earnings derived in the segment from an improved crude oil spread.
Financial Position
As of Sep 30, 2018, Occidental Petroleum had cash and cash equivalents of $2,954 million compared with $1,672 million as of Dec 31, 2017.
As of Sep 30, 2018, the company had long-term debt (net of current portion) of $10,198 million compared with $9,328 million as of Dec 31, 2017.
In the third quarter of 2018, cash from operations was $2,404 million, up 121.4% from $1,086 million in the prior-year period.
In third-quarter 2018, Occidental Petroleum’s total capital expenditure was $1,319 million, higher than $947 million invested in the year-ago quarter.
Northern Oil and Gas, Inc. (NOG - Free Report) is expected to report third-quarter 2018 earnings on Nov 8. It has an Earnings ESP of +6.52% and a Zacks Rank of 2.
Penn Virginia Corporation has an Earnings ESP of +6.38% and is a Zacks #2 Ranked stock. It is slated to report third-quarter 2018 earnings on Nov 14.
Midstream Partners, LP (SMLP - Free Report) has a an Earnings ESP of +64.00% and a Zacks Rank #1. The company is scheduled to report third-quarter earnings on Nov 8.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Occidental (OXY) Q3 Earnings & Revenues Surpass Estimates
Occidental Petroleum Corporation (OXY - Free Report) reported third-quarter 2018 earnings of $1.77 per share, surpassing the Zacks Consensus Estimate of $1.51 by 17.2%. In the year-ago quarter, the company’s bottom line came in at 18 cents per share.
Total Revenues
Occidental Petroleum's total revenues were $6,176 million, beating the Zacks Consensus Estimate of $4,661 million by 32.5%. Also, the top line soared 72.1% year over year from $3,588 million.
This year-over-year improvement in total revenues was owing to an increased production from Permian Resources, which surged 60% year over year coupled with revenue growth from Midstream & Marketing segment.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation Price, Consensus and EPS Surprise | Occidental Petroleum Corporation Quote
Production & Sales
Occidental Petroleum’s average daily net oil, liquids and gas production volume expanded to 681,000 barrels of oil equivalent per day (boe/d), up from 600,000 boe/d in the prior-year quarter. This improvement in the production volume was backed by higher drilling activity and a solid output in the Permian Resources region.
Occidental Petroleum’s production in the third quarter was within the company’s guidance of 665,000-687,000 boe/d. Also, Permian Resource’s production of 225,000 boe/d was at the upper end of the projection of 215,000-225,000 boe/d, provided by the company.
In the quarter under review, total sales volume was 696,000 boe/d compared with 600,000 boe/d recorded in the year-ago period.
Realized Prices
Realized prices for crude oil in the third quarter rose 35.7% year over year to $62.67 per barrel worldwide.
Worldwide realized NGL prices increased 42.6% to $29.55 per barrel.
However, worldwide natural gas prices were down 9.3% to $1.62 per thousand cubic feet.
Highlights of the Release
Pre-tax income from its Chemical Segment in the third quarter was $321 million, up 60.5% year over year and above the view of $315 million.
Midstream and Marketing segment’s adjusted pre-tax income was $796 million, up from the year-over-year figure of $4 million. This uptick was courtesy of higher earnings derived in the segment from an improved crude oil spread.
Financial Position
As of Sep 30, 2018, Occidental Petroleum had cash and cash equivalents of $2,954 million compared with $1,672 million as of Dec 31, 2017.
As of Sep 30, 2018, the company had long-term debt (net of current portion) of $10,198 million compared with $9,328 million as of Dec 31, 2017.
In the third quarter of 2018, cash from operations was $2,404 million, up 121.4% from $1,086 million in the prior-year period.
In third-quarter 2018, Occidental Petroleum’s total capital expenditure was $1,319 million, higher than $947 million invested in the year-ago quarter.
Zacks Rank
Currently, Occidental Petroleum carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Oil & Energy Releases
Northern Oil and Gas, Inc. (NOG - Free Report) is expected to report third-quarter 2018 earnings on Nov 8. It has an Earnings ESP of +6.52% and a Zacks Rank of 2.
Penn Virginia Corporation has an Earnings ESP of +6.38% and is a Zacks #2 Ranked stock. It is slated to report third-quarter 2018 earnings on Nov 14.
Midstream Partners, LP (SMLP - Free Report) has a an Earnings ESP of +64.00% and a Zacks Rank #1. The company is scheduled to report third-quarter earnings on Nov 8.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>